House sale

mitmystery

Hi,

Just looking for some advice I am in the process of selling my house to first time buyers and am told by my agent that we should be looking to complete in the next couple of weeks.

When advertised the house was put as no chain, but we have found a house on a new development that we really like and are potentially looking to reserve a plot. Will this complicate my sale in anyway? (I am assuming not as the buyers are first timers).

Additionally we the property we are looking at on the new development has a list price of 194,500, realistically what I should I offer initially, the salesperson keeps hitting with the line of there is not a lot of room to negotiate but on the other hand intimates there is.

We are going in with just over a 25% deposit.

Thank you in advance.

G_M

You agent will know very little about timescales - if you ar doing the conveyancing yourself you will have a much better idea than him.

If you are using a solicior, he will know better than the agent.

Your purchase will only compliate the sale if you link the two ie try to time them simultaneously. In that case, naturally your sale will become dependant on your purchase timescales.

Where were you planning to move to before you found this property? Friends? Rented? Can you still do that? If the slae/purchase are not linked, then there will be no "complication".

As for what o offer, who knows? It's a game of bluff, and depends
a) how desperate you are to buy and
b) how desperate they are to sell.

mitmystery

I was looking to move into parents house temporarily.

The new build developers say they will work with me on the dates for the completion of my current sale but I am little worried about making any commitments with them until my sale has gone through (added is the difficulty that they only have 2 properties left on the development).

They say I can just reserve the plot for £250 and if I don't go ahead then will lose a £100, does anyone have any experience of this?

Lord_Baltimore

TBH I think you're experiencing fairly 'normal' problems when it comes to buying and selling houses.

I would move in with your parents as planned so that your buyers aren't held up (they have made an offer in good faith and shouldn't have to wait until you sort yourself out for months on end) and negotiate the new house deal separately.

If the new houses have been selling well, it might be there is little room to negotiate a huge deal with the Developer although at least 5% should be achievable. The way to make up the difference is to get the Developer to agree to providing 'extras' like a kitchen upgrade, carpets, wardrobes etc. that way their house prices aren't compromised (it looks better to their market if they keep the value of their sales high).